On this page of StockholderLetter.com we present the latest annual shareholder letter from RE/MAX Holdings, Inc. — ticker symbol RMAX. Reading current and past RMAX letters to shareholders can bring important insights into the investment thesis.
2024 Annual Report + Form 10-K
A word from the CEO While the housing market remained stuck in neutral this past year, RE/MAX Holdings and its award-winning brands RE/MAX , Motto Mortgage and wemlo dug in, invested in the future, and advanced forward. Operational efficiency was an intense organizational focus in 2024. As a result, our efforts translated into better-than-expected margin and pro t performance throughout most of the year. In addition, we concentrated on building or improving foundational elements universal to every successful business: culture, leadership, and systems. These critical areas will continue to be points of emphasis throughout 2025 and over the long term. Embedded in our culture is a focus on improving the customer experience at every opportunity. One key to that objective is our Voice of the Customer program, through which we solicit, measure, manage, and respond to customer feedback. We are leaning into the power of our networks for insights and using that vital information to shape our strategy and operational plans. Our quest to improve the customer experience has also yielded incremental revenue opportunities. For example, our MAX/Tech Lead Concierge and RE/MAX Media Network initiatives came as a direct result of building out capabilities designed to enhance the customer experience. Last fall we launched Lead Concierge in the U.S. and we expect to begin testing it in Canada soon. The idea is to nurture high-intent leads from remax.com and remax.ca and transform them into action-ready buyers. The curation saves agents time, alleviates the frustration of chasing down leads that eventually hit a dead end, and materially improves the experience for the client and agent alike. Our RE/MAX Media Network program which essentially provides high-quality advertisements on our heavily trafficked websites has compelling upside, and we believe it could eventually generate a 7-digit annual revenue gure. Both the Lead Concierge and RE/MAX Media Network efforts are just starting to contribute to our top-line and should ramp up throughout this year and well beyond. At our recent annual RE/MAX convention, we unveiled refreshed digital- rst branding, strategic technology enhancements, and exclusive new programs designed to modernize the brand, strengthen our value proposition, and help agents win more listings in today s competitive environment. Many other forward-looking innovations are under development and slated to be announced throughout 2025. Our mortgage business, with Motto and wemlo s unique offerings, presents exciting prospects as well. Improved market conditions alongside continued focus should enable our mortgage segment to evolve into a substantial revenue stream. As we move deeper into 2025, we re doing so from a position of strength. We have an enviable set of competitive advantages: the #1 name in real estate1, an unmatched global footprint2, a scaled business with attractive nancial characteristics, and the most-trusted3,4, professional, and productive5 agents. We believe RE/MAX agents are simply the best. Our strategy is straightforward: continue to strengthen and enhance our existing businesses, develop new products and services to help our networks, and evaluate other growth opportunities. These are exciting times at RE/MAX Holdings, and we are open for business. We look forward to sharing our progress and future successes. Erik Carlson CEO, RE/MAX Holdings, Inc. 1 MMR strategy Group study of unaided awareness. 2RE/MAX has a presence in more than 110 countries and territories. 3Voted most trusted Real Estate Agency brand by American shoppers based on the BrandSpark American Trust Study, years 2022-2024 and 2019. 4Voted most trusted Real Estate Agency brand by Canadian shoppers based on the BrandSpark Canadian Trust Study, years 2021-2024, 2019 and 2017. 5Based on residential real estate transaction sides.
2024 Highlights 1 Revenue 3 2 Net Income (Loss) Adjusted EBITDA 2024: $307.7 2024: $8.1 2024: $97.7 2023: $325.7 2022: $353.4 2023: ($98.5) 2022: $10.8 2023: $96.3 2022: $121.6 ($ in millions) ($ in millions) ($ in millions) 8,735 146,627 119 100% Offices Agents Countries & Territories Franchised 225 ~$2.7B ~8,500 Offices Loan Volume Homeowner Dreams Realized 1 As of and for the year ended December 31, 2024, as applicable. 2Excludes Adjustments attributable to the non-controlling interest. See Item 7 herein for discussion of Adjusted EBITDA and a reconciliation of the differences between Adjusted EBITDA and Net Income. 2, 3
TRUST IS EARNED. VOTED THE #1 MOST TRUSTED AGENTS IN REAL ESTATE remax.com Voted most trusted Real Estate Agency brand by American shoppers based on the BrandSpark American Trust Study, years 2022-2024 and 2019. 2025 RE/MAX, LLC. Each Office Independently Owned and Operated. 24_753
 • shareholder letter icon 4/3/2025 Letter Continued (Full PDF)
 • stockholder letter icon 4/13/2023 RMAX Stockholder Letter
 • stockholder letter icon 4/11/2024 RMAX Stockholder Letter
 • stockholder letter icon More "Real Estate" Category Stockholder Letters
 • Benford's Law Stocks icon RMAX Benford's Law Stock Score = 100


RMAX Shareholder/Stockholder Letter Transcript:

2024 Annual Report + Form 10-K

A word from the CEO
While the housing market remained stuck in neutral this past year, RE/MAX Holdings and its award-winning brands     RE/MAX  ,
Motto   Mortgage and wemlo       dug in, invested in the future, and advanced forward.
Operational efficiency was an intense organizational focus in 2024. As a result, our efforts translated into better-than-expected
margin and pro   t performance throughout most of the year.
In addition, we concentrated on building or improving foundational elements universal to every successful business: culture,
leadership, and systems. These critical areas will continue to be points of emphasis throughout 2025 and over the long term.
Embedded in our culture is a focus on improving the customer experience at every opportunity. One key to that objective
is our Voice of the Customer program, through which we solicit, measure, manage, and respond to customer feedback.
We are leaning into the power of our networks for insights     and using that vital information to shape our strategy and
operational plans.
Our quest to improve the customer experience has also yielded incremental revenue opportunities. For example, our
MAX/Tech   Lead Concierge and RE/MAX Media Network initiatives came as a direct result of building out capabilities
designed to enhance the customer experience.
Last fall we launched Lead Concierge in the U.S.     and we expect to begin testing it in Canada soon. The idea is to nurture
high-intent leads from remax.com and remax.ca and transform them into action-ready buyers. The curation saves agents
time, alleviates the frustration of chasing down leads that eventually hit a dead end, and materially improves the experience    
for the client and agent alike.
Our RE/MAX Media Network program     which essentially provides high-quality advertisements on our heavily trafficked
websites     has compelling upside, and we believe it could eventually generate a 7-digit annual revenue    gure. Both the
Lead Concierge and RE/MAX Media Network efforts are just starting to contribute to our top-line and should ramp up
throughout this year and well beyond.
At our recent annual RE/MAX convention, we unveiled refreshed digital-   rst branding, strategic technology enhancements,
and exclusive new programs designed to modernize the brand, strengthen our value proposition, and help agents win more
listings in today   s competitive environment. Many other forward-looking innovations are under development and slated to
be announced throughout 2025.
Our mortgage business, with Motto and wemlo   s unique offerings, presents exciting prospects as well. Improved market
conditions alongside continued focus should enable our mortgage segment to evolve into a substantial revenue stream.
As we move deeper into 2025, we   re doing so from a position of strength. We have an enviable set of competitive advantages:
the #1 name in real estate1, an unmatched global footprint2, a scaled business with attractive    nancial characteristics, and
the most-trusted3,4, professional, and productive5 agents. We believe RE/MAX agents are simply the best.
Our strategy is straightforward: continue to strengthen and enhance our existing businesses, develop new products and
services to help our networks, and evaluate other growth opportunities. These are exciting times at RE/MAX Holdings,
and we are open for business.
We look forward to sharing our progress and future successes.
Erik Carlson
CEO, RE/MAX Holdings, Inc.
1
MMR strategy Group study of unaided awareness. 2RE/MAX has a presence in more than 110 countries and territories. 3Voted most trusted Real Estate Agency brand by American
shoppers based on the BrandSpark   American Trust Study, years 2022-2024 and 2019. 4Voted most trusted Real Estate Agency brand by Canadian shoppers based on the
BrandSpark   Canadian Trust Study, years 2021-2024, 2019 and 2017. 5Based on residential real estate transaction sides.

2024 Highlights
1
Revenue
3
2
Net Income (Loss)
Adjusted EBITDA
2024: $307.7
2024: $8.1
2024: $97.7
2023: $325.7
2022: $353.4
2023: ($98.5)
2022: $10.8
2023: $96.3
2022: $121.6
($ in millions)
($ in millions)
($ in millions)
8,735
146,627
119
100%
Offices
Agents
Countries &
Territories
Franchised
225
~$2.7B
~8,500
Offices
Loan Volume
Homeowner
Dreams Realized
1
As of and for the year ended December 31, 2024, as applicable. 2Excludes Adjustments attributable to the non-controlling interest.
See Item 7 herein for discussion of Adjusted EBITDA and a reconciliation of the differences between Adjusted EBITDA and Net Income.
2, 3

TRUST IS
EARNED.
VOTED THE #1 MOST TRUSTED AGENTS IN REAL ESTATE
remax.com
Voted most trusted Real Estate Agency brand by American shoppers based on the BrandSpark   American Trust Study, years 2022-2024 and 2019.
  2025 RE/MAX, LLC. Each Office Independently Owned and Operated. 24_753


shareholder letter icon 4/3/2025 Letter Continued (Full PDF)
 

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